Is Transferring to the Inactive Status the Right Option for You?
The LREC understands that there are times when licensees need to step away from the real estate industry. Whether it’s for travel, family obligations, or maybe you’re thinking about exploring additional career opportunities… but no matter the reason, instead of allowing your license to expire, the LREC offers all licensees the ability to transfer or renew their license in the inactive status.
What Does it Mean to Renew or Transfer My License to an Inactive Status?
The inactive status essentially places your license on pause. While you’ll be unable to practice real estate (including the collection of referral fees), the inactive status will keep you from having to complete the initial license requirements when you decide to return to real estate activity. This includes retaking the state and national exams, paying any required fees, and adhering to the new background check and fingerprinting process.
How do I Transfer to the Inactive Status during Renewal Season?
Many licensees send in the License Transfer to Inactive Status form during the renewal period thinking this is all they need to do to place a license in the inactive status for 2024. This is incorrect! Submitting the form does not renew a license. Licenses in the inactive status must still be renewed each year.
If you would like to go inactive immediately, you must first complete the License Transfer to Inactive Status form. You will then need to renew your license for 2024 by following the normal renewal process. If you would like your license to go inactive effective January 1, 2024, you do not need to submit the form. Instead, during the renewal process, you will see a section on the paper renewal form that will allow you to indicate that you wish to renew and transfer to the inactive status.
Inactive real estate licensees are not required to fulfill any education requirements or provide proof of Errors and Omissions Insurance to renew their inactive license.
Inactive licensees will still need to renew their license each year to avoid losing their license.